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ASEAN to upgrade FTA with China

CNC

Added On August 25, 2015

Chinese Commerce Minister Gao Hucheng said Sunday that both China and ASEAN have agreed to strive to bring to an end their negotiation on an upgraded version of the China-ASEAN Free Trade Area (FTA) before the end of this year.

SOUNDBITE (CHINESE): GAO HUCHENG, Chinese Commerce Minister

"The decision of negotiating an upgraded version of the FTA is made by leaders of China and ASEAN members to meet the demand for restructuring and upgrading their respective economies. It's a new move to further enhance the China-ASEAN strategic cooperative relationship."

The China-ASEAN FTA came into effect on Jan. 1, 2010 and since then China has become ASEAN's biggest trade partner while ASEAN has become the third largest trade partner of China.

Gao said the continuous increase in trade and economic cooperation between China and ASEAN, driven by the FTA, has contributed a lot to economic development in both China and ASEAN member states.